Appearing before the Subcommittee on Financial Services and General Government, Gensler presented his agency’s Fiscal Year 2024 budget request of $2.436 billion, a 12% increase on the previous year.
Republican Congressman Tom Emmer wrote a letter to the Chairman of the FDIC, Mark Gruenberg, voicing his concerns about the organization’s role in the closures of tech-friendly banks.
Signature Bank was under federal investigation for suspected money laundering by its crypto clients before the New York financial institution was taken over by state and federal regulators.
Eight U.S. states had joined the existing number of states ineligible to partake of Nexo’s Earn Interest Product.
Both Rep. Emmer and Paul Jossey fear that a CBDC issued directly to U.S. residents is more likely to be a tool used to invade privacy than it is a tool that creates a more efficient economy.
The letter is framed around questions following the comments of Chairman Jerome Powell, which seek to explore the rationale behind the Fed’s approach to digital assets more broadly.
Leading advocates in Congress, Rep. Tom Emmer and Rep. Darren Soto re-introduce the Blockchain Regulatory Certainty Act in a bid to shore up the rules for blockchain and digital currency firms.
The Safe Harbor for Taxpayers with Forked Assets Act seeks to protect taxpayers that own forked assets from any penalties and fees that the IRS may try to impose on them for holding those assets.
Tom Emmer has re-introduced a bill that would protect digital currency traders from money transmission laws.
There were differing opinions by congressmen on the usability and security of cryptocurrencies. California Rep. Brad Sherman was very direct and dissing about the industry, which he described as “popular with guys who like to sit in their pajamas.”
